report by Zurich Resilience Solutions<\/a>, a unit of Zurich Insurance Group AG, and Mandala Partners. Energy storage and solar assets are particularly exposed, it said.<\/p>\n\u201cIf we don\u2019t see a continued and increased focus on building resilience, it will be very difficult for us \u2014 or any other insurance company \u2014 to insure these assets in the future,\u201d Sierra Signorelli, chief executive of commercial insurance at Zurich Insurance, said in an interview.<\/p>\n
Zurich looked at 25,000 power-generation sites in the UK, France, Germany, Italy and Spain under a scenario of 2C of global warming. Without steps to boost resilience, Europe\u2019s clean-energy assets will be relatively more exposed to extreme weather events than their fossil-fuel equivalents and may face as much as \u20ac270 billion ($312 billion) in losses by 2050, according to Zurich.<\/p>\n
Unaddressed, \u201cphysical climate risks will act as a brake on clean-energy investment at the scale and speed required,\u201d the report said.<\/p>\n
In the five countries included in the study, the share of energy produced by coal, oil and gas is set to fall to 17% in 2030 from an average 28% today, according to the Swiss insurer. By contrast, the share of renewables is set to increase to 67% in 2030 from 49% currently.<\/p>\n
Among the concerns is that solar farms and wind installations often occupy a larger physical space than fossil-fuel plants, leaving a bigger surface area exposed to the elements. \u201cRenewable-energy assets tend to be more susceptible to weather-related events,\u201d said Signorelli.<\/p>\n
Zurich Insurance says renewable-energy companies can stress-test their assets against different climate scenarios, use drones to monitor infrastructure weaknesses, and build buffer zones to protect against fire and flood. Solar farms can be built on stilts to protect against floods and the panels can be made more heat resistant to protect against overheating.<\/p>\n
\u201cThere are always some assets that are difficult to insure,\u201d Signorelli said. \u201cBut if there\u2019s a willingness to engage, we try to provide some insurance and work toward providing greater coverage as we align on the risk.\u201d<\/p>\n
Photograph: Arrays of photovoltaic panels at Iberdrola SA\u2019s Puertollano II solar plant in Puertollano, Spain, on Thursday, May 19, 2022. Photo credit: Angel Garcia\/Bloomberg<\/p>\n
Copyright 2026 Bloomberg.<\/p>\n
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